3 things you must do as an executor

What you have to do as the executor of an estate is unique to the estate you are dealing with and the laws of your state, but there are at least three things that almost every estate executor is going to have to do. To best understand the requirements of administering an estate in your location, you might want to consider speaking with an estate law professional.

One of the things every estate executor must do is locate and appropriately file the will. The requirements for filing do differ by state, but you'll need to find the valid, signed copy of the will for this purpose. If someone asks you to be the executor of his or her estate, make sure you talk with the individual about where the will is going to be.

A second thing you'll have to do is locate and manage the assets of the estate. Assets can range from things such as homes and cars to the minutia of personal property. You'll also have to deal with cash and account-based assets, including bank accounts, credit accounts, investment portfolios and even life insurance. Again, talking with the person who asked you to be executor ahead of time can make this a much easier process. Otherwise, you might be playing a game of financial forensics as you hunt through personal records for this information.

Finally, you will need to handle any tax matters left by the estate. Not every estate owes estate taxes, but you might still have to file a final income tax statement for the person who passed away. Again, working with a professional can help ensure you finalize all details of the estate to save yourself and any heirs stress in the future.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Landrum & Shouse LLP provides a wide range of civil litigation services from offices in Lexington and Louisville, Kentucky. We serve Central Kentucky communities such as Louisville and Elizabethtown; Northern Kentucky cities that include Covington and Newport; Eastern Kentucky cities such as Pikeville and London; Western Kentucky communities such as Bowling Green and Paducah; and counties that include Fayette County, Jefferson County, Hardin County, Kenton County, Campbell County, Pike County, Laurel County, Warren County and McCracken County.

*AV Preeminent is a certification mark of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies.
Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings
fall into two categories: legal ability and general ethical standards.